Kenneth Feinberg, appointed by the Treasury Department to review compensation packages, imposed steep pay cuts in the seven firms that received taxpayers' money, including Citi group Inc., General Motors Corp. (GM) and American International Group Inc. (AIG).
Wall Street criticized the plan as too harsh while the public and congressmen said it was too easy on executives.
At a conference in Washington on Thursday, Feinberg conceded he was "very concerned" about the possibility his pay cuts may drive talent away from companies bailed out by U.S. taxpayers.
there are only so many psychopaths to go around you know!! read more @ chinaview
TAIPEI (Taiwan News) – If Taiwan signs a Memorandum of Understanding on the liberalization of the financial market with China, it is foreign banks which will bear the brunt, Financial Supervisory Commission Chairman Sean Chen said Friday.
The two sides agreed on the need for an MOU last April, but the document has still not been signed. The latest problem is reportedly China’s refusal to use Chen’s full official title.
The FSC chief said that if as a result of the MOU, Chinese banks were allowed to set up one office in Taiwan each, it would be the 39 foreign banks already present who would feel most of the impact. The banks from China would be chasing the same major corporate customers as the banks from other countries, Chen said.
In the other direction, Taiwanese banks opening offices in China would draw Taiwanese business people away from foreign banks, he said.
there's only so many customers to go around you know!! read more @ taiwan news3. Berlin tries to torpodo EU deal with US for bank data exchange
German Justice Minister Sabine Leutheusser-Schnarrenberger said on Friday Berlin would try to stop an EU agreement to transfer bank information to the United States.
“The federal government has distanced itself from the SWIFT agreement,” she told the Berliner Zeitung daily. “I consider it unfortunate that the EU is trying to push through this agreement according to the old rules one day before the Lisbon Treaty goes into effect.”
She pointed to the fact that the treaty reorganising the European Union’s inner workings will give the European Parliament a greater say in such matters like the data transfer agreement.
But the minister also said she had problems with the substance of the deal, which is meant to help US officials track terrorist finances.
“I am still critical of how the extent of information transfer to the USA and the lacking legal recourse,” Leutheusser-Schnarrenberger said.
source: the local
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